Acquisitions

Stos Partners Buys 228,912 SF Coronavirus Test Distribution Site in Temecula, California

by Amy Works May 4, 2020

TEMECULA, CALIF. — San Diego-based Stos Partners has purchased an industrial asset located at 42301 Zevo Drive in Temecula. A private investor sold the facility for $28.9 million in an off-market transaction. Currently, a global, publicly traded healthcare company occupies the entire 228,912-square-foot property. The tenant plans to utilize the facility as part of its distribution network for COVID-19 tests. Scott Stewart of Lee & Associates represented Stos Partners, while Alisa Lovas of Lee & Associates represented the seller in the deal.

May 4, 2020

Acquisitions California Multifamily Western

Berkadia Negotiates $7.3M Sale of The Sterling Apartments in San Diego

by Amy Works May 4, 2020

SAN DIEGO — Berkadia has arranged the sale of The Sterling, a colonial revival multifamily asset in San Diego. Chicago-based Highlands REIT acquired the community from San Diego-based SENTRE for $7.3 million. Located at 470 20th St., the fully renovated, 27-unit property holds a Mills Act historic designation as part of the historic Sherman Heights neighborhood. The building features 14 studios and 13 one-bedroom units, all of which have been fully renovated with retained style and detailing of the early 20th century. Select units feature bay windows and private balconies. Community amenities include park-like garden terraces, restored and decorated common areas, and colonial revival architecture. Ed Rosen, John Chu and Tyler Sinks of Berkadia’s San Diego office represented the seller in the deal.

May 4, 2020

Acquisitions Florida Multifamily Southeast

Preferred Apartment Communities Acquires Newly Built Multifamily Complex in Florida’s Panhandle

by Alex Tostado May 1, 2020

PANAMA CITY BEACH, FLA. — Preferred Apartment Communities Inc. (PAC) has acquired Parkside at the Beach, a 288-unit multifamily complex in Panama City Beach. The community was built in 2019 and is situated at 17225 Panama City Beach Parkway, less than a mile from the beach. The property offers one-, two- and three-bedroom floor plans. Communal amenities include a pool, sundeck, business center, fitness center and a clubhouse. An undisclosed lender in Freddie Mac’s Optigo program provided a 10-year acquisition loan, which features a fixed 2.95 percent interest rate. The seller/developer and sales price were not disclosed.

May 1, 2020

Acquisitions Alabama Retail Southeast

SRS Negotiates $18.3M Sale of Publix-Anchored Shopping Center Near Birmingham

by Alex Tostado May 1, 2020

HOOVER, ALA. — SRS Real Estate Partners’ National Net Lease Group has negotiated the $18.3 million sale of Shops at Tattersall Park, a fully leased, grocery-anchored shopping center in Hoover. At the time of sale, the property was leased to Publix, Goodwill and regional tenants F45, Clean Juice and a nail boutique. The seller was an undisclosed Florida-based developer that built the property in 2019. Shops at Tattersall is situated within the 78-acre, master-planned Tattersall Park development, which is 12 miles southeast of downtown Birmingham. Matthew Mousavi and Patrick Luther of SRS represented the seller and buyer, a California-based company completing a 1031 exchange, in the transaction.

May 1, 2020

Acquisitions Retail Texas

Marcus & Millichap Arranges Sale of 8,344 SF Shopping Center in Metro Houston

by Taylor Williams May 1, 2020

PASADENA, TEXAS — Marcus & Millichap has arranged the sale of Shops at Fairmont, an 8,344-square-foot shopping center located in the eastern Houston suburb of Pasadena. The property was fully leased at the time of sale to tenants including The UPS Store and Domino’s Pizza. Justin Miller of Marcus & Millichap procured the Houston-based buyer in the transaction. Other terms of sale were not disclosed.

May 1, 2020

Acquisitions New York Northeast Retail

Avison Young Arranges $28.7M Sale of Retail Condominium in Manhattan

by Alex Patton May 1, 2020

NEW YORK CITY — Avison Young has arranged the $28.7 million sale of a 22,563-square-foot retail condominium unit in the Yorkville neighborhood on Manhattan’s Upper East Side. Located at 1683 Third Ave., the space is situated at the base of The Kent, a newly constructed, 30-story luxury condominium building. The condominium is split between a 12,796-square-foot retail space and a 9,767-square-foot lower level. The NYC School Construction Authority currently has a long-term lease at the property occupying 11,492 square feet on the ground floor, while the remaining 1,304 square feet of ground-floor space and entire 9,767-square-foot cellar were available for lease at the time of the sale. James Nelson, Vincent Carrega and Neil Helman led an Avison Young team that represented the owner and original developer, Extell Development Co., in the transaction. The buyer was undisclosed.

May 1, 2020

Acquisitions Industrial Northeast Pennsylvania

Velocity Ventures Acquires 51,181 SF Industrial Building in Bensalem, Pennsylvania

by Alex Patton May 1, 2020

BENSALEM, PA. — Velocity Ventures, a Philadelphia-based firm, has acquired a 51,181-square-foot industrial building in Bensalem, a southwestern suburb of Trenton. The sales price was $2.4 million. Located at 1296 Adams Road, the property features a roughly 18-foot clear height and offers quick access to Interstates 276 and 95. The building was approximately 80 percent leased at the time of sale. Jason Ostach and Chris Pennington of Binswanger Commercial Real Estate Services represented Velocity Ventures in the transaction. DM Ventures LLC was the seller.

May 1, 2020

Acquisitions New Jersey Northeast Retail

R.J. Brunelli Brokers Sale of Retail Development Site in Woodbridge, New Jersey

by Alex Patton May 1, 2020

WOODBRIDGE, N.J. — R.J. Brunelli & Co. has brokered the sale of a one-acre retail development site in Woodbridge, a southwestern suburb of New York City. Bud’s Hut restaurant occupied the property, which is located at 906 Route 1, for the last 50 years. The buyer, local builder Suburban Development LLC, plans to redevelop the property by constructing a 2,200-square-foot restaurant building with a drive-thru and a separate 3,000-square-foot retail building. John Lenaz of R.J. Brunelli represented Suburban Development in the transaction. Lenaz also represented the seller. The sales price as undisclosed.

May 1, 2020

Acquisitions California Industrial Western

Dermody Properties Buys 121,836 SF Logistics Center in Southern California

by Amy Works May 1, 2020

ONTARIO, CALIF. — Dermody Properties has purchased a logistics center located at 3120 E. Mission Blvd. in Ontario for an undisclosed price. The name of the seller was not released. Dermody Properties plans to renovate the 121,836-square-foot property by enhancing the loading, upgrading the fire suppression system to ESFR and improving the aesthetic of both the interior and exterior of the building. The facility will be available for lease beginning July 1. The asset is located within a few miles of major freeways, including Interstates 10 and 15 and State Route 60. Additionally, the facility is 2.2 miles from the Ontario International Airport and approximately 60 miles from the ports of Los Angeles and Long Beach, Calif. Dan de la Paz of CBRE represented Dermody Properties in the acquisition.

May 1, 2020

Acquisitions Affordable Housing California Multifamily Western

TMG Brokers $15.5M Sale of Affordable Housing Property in California’s Inland Empire

by Amy Works May 1, 2020

ONTARIO, CALIF. — The Mogharebi Group (TMG) has directed the sale of Cinnamon Ridge, a 101-unit affordable housing community located at 1051 E. Fourth St. in Ontario. A Southern California-based private investor acquired the property for $15.5 million. Alex Mogharebi and Otto Ozen of TMG represented the seller, also a Southern California-based investor, in the transaction. Built in 1989, Cinnamon Ridge features 101 one- and two-bedroom units restricted to residents age 55 or older. The property consists of a two-story and a three-story residential building, totaling 48,520 rentable square feet. Situated on 2.3 acres, the community features a clubhouse with full kitchen, leasing office, controlled access, solar panels, laundry facilities and covered parking.

May 1, 2020

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